Chow Tai Fook's Revenue Rises by 41%
June 09, 22
(IDEX Online) - Chow Tai Fook today reported a 41 per cent increase in revenue, despite ongoing Covid lockdowns and their impact on sales.
China's biggest jewelry retailer said earnings for the year to 31March 2022 were HK$98.9bn (US$12.6bn) and gross profit was up by 11.3 per cent to HK$22.3 (US$2.8bn).
Despite "the lingering effects of the pandemic and global economic uncertainties," the retailer said it remained "cautiously optimistic".
In an earlier update it said growth in RSV (retail sales value) had slowed to 8.5 per cent in the quarter ending 31 March - down from 31.1 per cent - amid a resurgence in Covid and zero-tolerance lockdowns.
Same store sales (SSS) were up by 11.1 per cent in mainland China, according to the FY2022 Annual Results.
"SSS in Hong Kong was up by 7.0 per cent in the financial year despite that the epidemic situation has worsened since February 2022," the company said.
Pic shows a Chow Tai Fook store.